Personal Financial Literacy (PFL) FAQ

 
The information below is designed to address ongoing questions related to the PFL graduation requirement and its implementation.

Curriculum and Instruction

Does the PFL course have to be taught at the 9-12 level?
Yes.

Is this requirement a stand-alone course or embedded in another course?
Stand-alone credit. The one-half credit must be PFL and not embedded in other courses or counted as other credit types such as social studies or math.

Does this need to be a stand-alone class called "Personal Finance Literacy?"
Personal Financial Literacy is a required stand-alone class as the law reads, "requiring one-half credit of personal financial literacy for high school graduation." The district can decide what to name a course that meets the PFL requirement.

Can multiple half-credit courses be offered in the same school to meet this requirement (for example, one in BIT, one in FCS, one in Econ if they include the required strands)? Or does it need to be one single course that all students take?
Any stand-alone course that meets the six statutorily-required areas (financial mindset, education and employment, money management, saving and investing, credit and debt, and risk management and insurance) may be offered to satisfy the PFL credit requirement. A school could offer courses in different subject departments and students could choose which one best matches their interests to meet the graduation requirement, so long as the course meets all six areas.

If the one-half credit PFL course is taught by an Economics teacher, can that course also count in the student's required Social Studies credits for graduation?
No, a one-half credit PFL course can not count as both a social studies and PFL credit.

Can PFL be a math credit?
No, a PFL course cannot be counted as both a PFL credit and a math credit.

What standards can be used to teach PFL?
Each school district will choose its own PFL standards. A district could adopt the Wisconsin Standards for Personal Finance (2020), use the revised Business and Information Technology standards that embed the 2020 Wisconsin Standards for Personal Financial Literacy, or adopt other personal finance standards that include the six statutorily-required areas in 2023 Wisconsin Act 60.

Can AP Business with Personal Finance count toward the Act 60 graduation requirement?
(Published in the EdLeaders Dispatch on 12/9/25) Beginning in the 2026-27 school year, AP Business with Personal Finance will be offered as a yearlong course aligned with introductory college-level business curriculum. Students will learn entrepreneurship, marketing, finance, accounting, and management through real-world applications, case studies, and project-based learning. Although AP Business and Personal Finance includes some personal finance topics, they are taught within a broader business curriculum. As a result, this course does not meet 2023 Wisconsin Act 60's requirement for standalone 0.5 credit personal financial literacy course. This course will be recognized as a business elective credit and may apply toward business subject area graduation requirements, but it cannot be used to satisfy the personal financial literacy graduation requirement effective for students graduating in 2028 and beyond.

Can schools supplement additional materials to the AP Business with Personal Finance course and have it count for the Act 60 graduation requirement?
No, the course framework is created by College Board and is planned for a full year course with minimal time to increase the personal finance content to equate to a semester-long PFL stand-alone course. Review of the framework finds that only 20% of the essential knowledge components pertain to personal finance. Courses cannot count toward the Act 60 requirement for including embedded content, it must be a stand-alone course.

General Questions

Does PFL credit requirement apply to private choice schools and independent charter schools?
Independent charter schools and private choice schools are not subject to the requirements of Wis. Stat. § 118.33(1)(a), which includes the PFL credit requirement. The PFL credit requirement does apply, however, to district-authorized charter schools.

How does this impact special populations who may be taking a transition course instead of the general education PFL offering?
With respect to students with disabilities (SWD), the one-half credit PFL requirement should be treated the same as any of the other credit requirements specified for a high school diploma in Wis. Stat. § 118.33(1)(a). In other words, we would generally expect SWD to have the opportunity to earn that credit in the same fashion as non-disabled students but with the provision of appropriate specially designed instruction and special education services. School boards, considering the state standards expressed in the statutes and the administrative code and other DPI guidance, determine which courses offered in their district meet graduation requirements and the number of credits awarded for successful completion of each course. Neither the Individuals with Disabilities Education Act (IDEA) nor Wis. Stat. § ch.115 provides for an exemption from regular diploma course/credit requirements.

Can school districts partner with higher education to offer learning opportunities?
Yes, dual credit opportunities already exist with several UW and WTCS system schools for high school teachers to offer their PFL courses for dual credit. UW-Oshkosh offers Personal Finance (231 - 3 credits) as part of the CAPP program, UW-Whitwater offers Personal Finance 101 online, and several technical colleges offer Personal Finance as a dual credit opportunity for high school students to earn high school and college credit simultaneously.

Helpful Links

• 2023 WI Act 60
• What To Expect From the New Personal Financial Literacy Requirement: From Act 60 to a Curriculum Near You